Philippines: Platinum Market 2022

Platinum Market Size in the Philippines

In 2021, the Philippine platinum market was finally on the rise to reach $X for the first time since 2014, thus ending a six-year declining trend. Overall, consumption, however, recorded a abrupt shrinkage. Platinum consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Platinum Production in the Philippines

In value terms, platinum production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a deep contraction. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from the Philippines

In 2021, overseas shipments of platinum decreased by -93.3% to X kg for the first time since 2018, thus ending a two-year rising trend. In general, exports recorded a dramatic slump. The most prominent rate of growth was recorded in 2019 with an increase of 156% against the previous year. The exports peaked at X kg in 2020, and then declined significantly in the following year.

In value terms, platinum exports fell markedly to $X in 2021. Overall, exports faced a precipitous descent. The pace of growth was the most pronounced in 2019 when exports increased by 93%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X kg) was the main destination for platinum exports from the Philippines, with a approx. 100% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to -19.4%.

In value terms, Japan ($X) also remains the key foreign market for platinum exports from the Philippines.

From 2012 to 2021, the average annual growth rate of value to Japan totaled -25.5%.

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, shrinking by -16.1% against the previous year. Overall, the export price saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 an increase of 32%. The export price peaked at $X per kg in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Japan.

From 2012 to 2021, the rate of growth in terms of prices for Italy amounted to +181.3% per year.

Platinum Imports

Imports into the Philippines

In 2021, overseas purchases of platinum were finally on the rise to reach X kg after two years of decline. Over the period under review, imports saw a prominent expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 221% against the previous year. Over the period under review, imports hit record highs at X kg in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, platinum imports surged to $X in 2021. In general, imports posted a resilient increase. The growth pace was the most rapid in 2018 with an increase of 142% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Japan (X kg), South Korea (X kg) and the United States (X kg) were the main suppliers of platinum imports to the Philippines, with a combined 97% share of total imports. Moreover, platinum imports in Japan exceeded the figures recorded by the second-largest supplier, South Korea, twofold.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +36.1%), while imports for the other leaders experienced mixed trend patterns.

In value terms, South Korea ($X), Japan ($X) and the United States ($X) constituted the largest platinum suppliers to the Philippines, together accounting for 100% of total imports.

South Korea, with a CAGR of +94.3%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average platinum import price stood at $X per kg in 2021, growing by 14% against the previous year. In general, the import price posted buoyant growth. The pace of growth appeared the most rapid in 2019 when the average import price increased by 519%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was South Korea ($X per kg), while the price for Switzerland ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+95.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :